What are my Medicare plan choices?

Medicare beneficiaries have several choices in addition to their Original Part A and Part B coverage. Original Medicare doesn’t cover everything and can leave you with expenses that are not subject to maximum out-of-pocket limits.

You typically have two options to help cover costs.

Medicare Supplement Insurance plans fill in the gaps of coverage in Original Medicare and help pay costs approved, but not paid for, by Medicare. How much you pay depends on which plan you choose. Supplement Insurance plans do not include drug coverage so a Part D Prescription Drug plan must also be added.

Medicare Advantage Plans, or Part C plans, offer coverage that is at least equivalent to Original Medicare and usually includes Part D drug coverage, as well. Medicare Advantage plans can also include an array of benefit add-ons. It is also important to know that all Medicare Advantage plans must provide an out-of-pocket maximum per year for Hospital and Medical expenses.

How do I determine which type of plan is right for me?

To determine which coverage is right for you, you need to evaluate your personal medical needs. Are you in good health or do you have a chronic illness? Are you on multiple, costly prescription medications or do you take few to none? Do you prefer an HMO or PPO plan? Do you see specialists? What is your budget for premiums and out-of-pocket costs? Do you travel frequently? Are you still covered under an employer health plan?

When can I sign up for a plan?

Most people qualify when they turn 65. Your Initial Enrollment period lasts 7 months beginning 3 months before your 65th birthday month and the three months after your birthday month. You can sign up for Original Medicare and choose additional coverage during this period. There is also an Annual Enrollment period beginning October 15th through December 7th when you can make changes to your current plan for those who qualify. Depending upon your specific circumstances there are also several Special Enrollment periods that may be available to you.

How can I get help choosing the right plan for me?

That’s where I come in! Don’t trust your future healthcare needs to an 800 number! I am here to help you navigate the complex world of Medicare plans. Together we will evaluate your unique healthcare needs and explore the available plans and options most suitable for you and your budget! Contact me for a free no-obligation consultation.